Watermark Home Loans Reviews

Watermark Home Loans doesn’t publish its interest rates online, unlike many lenders, but it does post national average mortgage rates on its calculator page. It also shows average rates by credit score and loan-to-value (LTV) ratio, along with average rate trends over time.

You can also sign up for its Rate Watch service, which will notify you via email if rates drop.

» MORE: Current mortgage rates — check today’s rates

Watermark Home Loans has a digital mortgage application process. To start an application online, click “Apply Now” in the top-right corner of any page. You’ll start the process by answering whether you’re actively looking for a new home, you’ve found a new home, you’re just browsing or you’re interested in refinancing. You’ll then follow the prompts on the screen and create an account. To finish your application, you’ll upload paperwork and documents.

Watermark also offers fully remote closing and notary services.

Application process features

Some of Watermark’s application features include:

Watermark Home Loans offers purchase and refinance loans.

Purchase loans

Watermark Home Loans offers conventional loans, Federal Housing Administration (FHA) loans, U.S. Department of Veterans Affairs (VA) loans, U.S. Department of Agriculture (USDA) loans, jumbo loans and non-qualified mortgage (non-QM) loans.

Refinance loans

Watermark offers refinancing for VA loans and FHA loans. Before refinancing, consider closing costs. Your loan advisor can help you weigh the pros and cons.

Watermark’s conventional loans require a minimum 3% down payment and a minimum credit score of 620, which is typical across the home loan industry. Credit scores below 620 may be accepted for FHA loans, but you’ll need to put at least 3.5% down. VA and USDA loans don’t require a down payment. Like other lenders, Watermark also considers debt-to-income (DTI) ratios, which vary depending on the loan type.

Its non-QM loans are typically a good fit for borrowers who don’t fit traditional mortgage requirements, such as self-employed people, investors or people who’ve recently experienced bankruptcy or foreclosure. For these people, Watermark underwriters look at factors like cash flow, assets and bank statements. Non-QM loans also offer expanded DTI ratios.

Typical mortgage requirements by loan type

The table below shows typical mortgage requirements by loan type.

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Watermark doesn’t display its fees on its website, unlike most lenders. Its VA loans come with a VA funding fee, which is common for VA loans.

In general, you’ll need to pay closing costs, which typically add up to 2% to 5% of the loan amount. Some fees you may have to pay at closing include appraisal fees, real estate taxes and mortgage insurance premiums. In some states you’re required to hire an attorney for real estate transactions, so you’ll also pay attorney’s fees.